Nassau County Property Appraiser
A. Michael Hickox, CFA
Press Release
Contact: Kevin Lilly, 904-491-7302
May 30, 2019 1:00 a.m.
The Nassau County Property Appraiser’s Office released the 2019 estimated preliminary market values showing an increase once again for all taxing authorities.
According to Property Appraiser Mike Hickox, the real estate market in Nassau County continued to steadily increase in value due to strong demand and limited supply in most market segments. Hickox said, “The total market value for the County has reached a new record high and the taxable value has also surpassed any previous year in Nassau County. This includes a continuation of new commercial and residential construction projects completed during 2018. Overall the market is stable to increasing but showing signs of cooling off some in 2019 due to increased inventory levels.”
Nearly 28% of the total $1 billion market value increase from the previous year was a result of new construction completed last year, and a second year in a row of adding over $250 million to the countywide taxable value. The 2019 total market value for Nassau County is now a record $14 billion, up over 7.5% from the previous year. The market value includes all property before any exemptions, classification reductions, or capped assessments.
Hickox presented the 2019 estimated values to the taxing authorities on May 29th, so they can begin their budget process using actual values in place of the less accurate State Revenue Estimating Conference figures. They will use the values to help determine their tax rate for the property owners in Nassau County later this summer.
Although taxable values have increased countywide, many property owners are protected by the Save Our Homes (SOH) amendment which caps the amount the assessed value can increase. “Homestead properties can increase no more than 3%, or the consumer price index (CPI), whichever is lower,” said Hickox. “Based on the CPI used for 2019, previously homesteaded properties will increase no more than 1.9% this year.” Non-homesteaded properties are capped at 10%.
In 2019, Nassau County’s taxable value is estimated to be about $9.2 billion, up about 8.5% compared to last year.
The City of Fernandina is projected to see an increase of 10%, bringing their taxable value to above $2.4 billion.
The Town of Callahan is estimated to have an increase in their taxable value to over $98 million, up by over 3.5% from last year.
The Town of Hilliard is expected to see about a 6.5% increase in taxable value, bringing their value to slightly over $99 million.
The official preliminary tax roll is expected to be released to the taxing authorities and the Department of Revenue by July 1st. Property owners are encouraged to visit the property appraiser’s website, www.nassauflpa.com, in mid-July to view their 2019 property values.
For more information, please contact the Property Appraiser’s Office at (904) 491-7300.